Pradhan Mantri Suraksha Bima Yojana (PMSBY), Rules, Terms and Conditions for the Pradhan Mantri Suraksha Bima Yojana, PMSBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Rules, Terms and Conditions for the Pradhan Mantri Suraksha Bima Yojana, PMSBY, Benefits of Pradhan Mantri Suraksha Bima Yojana, About PMSBY, Mode of payment of PMSBY scheme, eligibility criteria of PMSBY scheme, PM Narendra Modi Scheme, PM Modi Schemes

Details of the scheme
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
Scope of coverage: All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Benefits

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:
Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank account on the prescribed forms will be required to be given by May 31, 2015 - extendable up to August 31, 2015. For the saving A/c holder joining after May 31, 2015 and on or before August 31, 2015 the cover shall end on May 31, 2016.
Premium: Rs. 12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

Terms and conditions:
Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrollment in the scheme.
Customer will have to pay full annual premium even if he/she joins the Scheme after the commencement of the Group Policy.
The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same. To have a different nomination, please enroll for the scheme at the branch.
The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings Bank account shall be debited on or before May 31, 2015 which is extendable up to August 31, 2015. For the Savings Bank account holder, joining after May 31, 2015 on or before August 31, 2015, the cover shall end on May 31, 2016.
The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima scheme will be shared with ICICI Lombard General Insurance Company Ltd., under Group Policy Number 4005/102417353/00/000 certifying coverage as per the Scheme, and in accordance to the information available in your account and your authorisation for the auto deduction of the premium amount.
Any information provided by the customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.

FAQs on Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Q1. What is the nature of the scheme?
The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.
Q2. What would be the benefits under the scheme and premium payable?
The benefits are as follows:

Q3. Who will be eligible to subscribe?
All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Q4. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

Q5. When can the accident cover assurance terminate?
The accident coverof the member shall terminate / be restricted accordingly on any of the following events:
On attaining age 70 years (age neared birth day).
Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

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